Steel Futures Rise as Price Hikes Stick

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Barron’s reported this week that price hikes for hot-rolled coil appear to be sticking as the day’s biggest mover was the US HRC futures contract 3-month price, which saw a 2.0 percent increase to $653.00 per short ton on Wednesday. On the tail of a three-day flat streak, the US HRC futures contract spot price rose by 0.5 percent, settling at $656.00 per short ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.00) and a low price of CNY 830.00 ($133.39) per dry metric ton. Chinese HRC held its value yesterday at CNY 3,400 ($546.43) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($223.39) per metric ton.

For the fifth day in a row, the cash price of steel billet remained essentially flat on the LME at $390.00 per metric ton. The steel billet 3-month price was unchanged on the LME at $400.00 per metric ton.

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